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QatarEnergy announced the signing of a share sale and purchase agreement with Qatar Electricity and Water Company (QEWC) to acquire QEWC’s 49% interest in Siraj Energy, which will result in Siraj Energy becoming a wholly owned affiliate of QatarEnergy, subject to customary approvals.
Commenting on concluding the agreement, His Excellency Mr Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said, “This acquisition marks the transition of Siraj Energy to being a wholly-owned affiliate of QatarEnergy, and is an important step for QatarEnergy in consolidating its position in the renewables business and in delivering its Sustainability Strategy mid-term target of generating 5 gigawatts of solar power by 2035. This acquisition brings the total solar power capacity within QatarEnergy’s direct control to 1,675 megawatts (MW) and brings all utility-scale solar power generation projects in Qatar under QatarEnergy’s direct control.”
Siraj Energy was established in 2017 with the purpose of financing, building, operating, and maintaining solar power facilities, and selling electricity generated from solar power, within the State of Qatar. Siraj Energy has a 60% interest in Siraj which owns and will operate the Al-Kharsaa Solar Photovoltaic (PV) Independent Power Project, Qatar’s first and largest PV project with a total installed capacity of 800 MW.
This transaction follows the awarding in August 2022 of Engineering, Procurement and Construction contracts for QatarEnergy’s industrial cities solar power project, IC Solar, which consists of two large-scale PV solar power plants to be built in Mesaieed Industrial City and Ras Laffan Industrial City with capacities of 417 MW and 458 MW, respectively.
It is expected that upon closing of this acquisition, Siraj Energy will be absorbed within QatarEnergy Renewable Solutions, which is QatarEnergy’s investment arm specializing in renewable and sustainable energy investments and projects.